Phillips 66 $PSX Shares Sold by Royal Fund Management LLC

Royal Fund Management LLC decreased its position in Phillips 66 (NYSE:PSX) by 14.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,312 shares of the oil and gas company’s stock after selling 7,589 shares during the period. Royal Fund Management LLC’s holdings in Phillips 66 were worth $8,439,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Ariadne Wealth Management LP bought a new position in shares of Phillips 66 in the first quarter worth $223,000. Bank of America Corp DE raised its stake in shares of Phillips 66 by 1.2% during the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after purchasing an additional 35,167 shares in the last quarter. Kentucky Retirement Systems lifted its holdings in Phillips 66 by 93.4% in the first quarter. Kentucky Retirement Systems now owns 49,499 shares of the oil and gas company’s stock worth $9,018,000 after purchasing an additional 23,905 shares during the period. Janus Henderson Group PLC grew its position in Phillips 66 by 71.8% in the 1st quarter. Janus Henderson Group PLC now owns 39,267 shares of the oil and gas company’s stock valued at $7,154,000 after buying an additional 16,414 shares in the last quarter. Finally, Bull Harbor Capital LLC bought a new position in Phillips 66 in the 1st quarter valued at about $1,900,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.5%

NYSE PSX opened at $206.97 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company’s 50 day simple moving average is $184.11 and its 200 day simple moving average is $169.90. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $216.08. The company has a market capitalization of $82.98 billion, a P/E ratio of 20.39, a PEG ratio of 0.16 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.90) earnings per share. Equities research analysts expect that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 50.05%.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 45,107 shares of company stock valued at $8,057,584 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on PSX shares. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wolfe Research increased their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Jefferies Financial Group raised their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.72.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Energy-sector momentum: Energy stocks rallied late Wednesday, with the NYSE Energy Sector Index rising 2.3%, providing a favorable backdrop for refiners such as Phillips 66. Sector Update: Energy Stocks Gain Late Afternoon
• Positive Sentiment: Refining margins remain supportive: Iran-related supply disruptions and record crack spreads are improving the earnings outlook for U.S. refiners. Phillips 66 has also benefited from better recent results, shareholder returns and a quarterly dividend of $1.27, or $5.08 annualized. Phillips 66 Gains On Refining Strength, Is The Stock Fully Priced?
• Positive Sentiment: Potential asset-sale proceeds: Phillips 66 and Shell are reportedly considering selling their stakes in Explorer, which owns a major refined-products pipeline valued at approximately $3.5 billion. A transaction could unlock value and strengthen PSX’s balance sheet, although no deal is confirmed. Shell, Phillips 66 weigh sale of stakes in $3.5 billion US pipeline Explorer

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.